Real Estate Market Trends

Ali Safavi Real Estate scoured the internet to find some of the most interesting real estate statistics that will impact you and your investments. Some of these numbers are great for the economy, however they may be hitting your pocket harder than you’d like – especially for those living in Los Angeles.

According to an article by MarketWatch, the homeownership rate is experiencing a slow but definitive comeback. More than a decade ago it hit an all-time high of 69.1% in 2004 as the housing bubble inflated. In the aftermath of the crisis, it skidded lower and lower, finally bottoming out at 62.9% in 2016. In the fourth quarter of 2017, it jumped to 64.2%, the Census Bureau said Tuesday.

Homeownership among those under 35 jumped to 36% in the fourth quarter from 34.7% a year before. For those aged 35-44, the rate increased, though at a slightly slower rate — to 58.9% from 58.7%. Among those 45-54, it dipped to 69.5 from 69.8%.

For those trying to sell their home, many have hit snags along the way. This is a fascinated survey from the National Association of Realtors which looks at the biggest struggles of home sellers.

3% had trouble with closing in the specified amount of time according to the contract.

3% said it was difficult having the time to complete all of the aspects of the contract.

Hoping to buy a home in Los Angeles sometime soon? Well, prepare to pay more than you would have last year, according to an article from Curbed LA.

Los Angeles home prices creeped up again in December, according to a new report from real estate data tracker CoreLogic.

The median sale price in LA County rose 0.5 percent over November, finishing the year at $570,000. That’s nearly 10 percent higher than in December of 2016, when the median price was $520,000.

Earlier in 2017, prices climbed all the way to $575,000—higher than they’ve ever been—before falling back to $565,000 in October.

Now prices are ascending once again, surpassing levels reached just prior to the late 2007 mortgage crisis. In LA County, more than 60 percent of homes now sell for over $500,000, and almost 18 percent sell for over $1 million.

Don’t want to live in LA? Apparently neither do a lot of Millennials. Here’s the top ten cities where Millennials are making a home.